BankNifty Intraday Breakout Strategy with EMA, ADX and ATR Exits

Summary

This Pine strategy describes an intraday BankNifty approach that combines moving-average trend direction, an ADX activity filter, and a break of the previous bar’s high or low. Long entries require bullish EMA alignment and a close above the prior high; short entries use bearish alignment and a close below the prior low. Entries are restricted to a morning trading window, and the script plots fast and slow EMAs along with trade levels.

Stops are set at an ATR-based distance from the entry bar’s close, while targets use a configurable multiple of that distance. The source displays levels and closes positions when the bar close reaches them. No performance results or validation are provided, so the description does not establish profitability. The page’s promotional blurb mentions 5- or 10-minute charts, while the strategy title specifies 15 minutes; the script itself does not enforce a chart interval. Transaction costs, slippage, intrabar execution, and broader risk controls are not evaluated.

Key ideas

• Longs require bullish EMA alignment, sufficient ADX, a permitted time, and a close above the previous bar’s high.
• Shorts use bearish EMA alignment and a close below the previous bar’s low under the same filters.
• The strategy sets ATR-based stop distances and targets based on a configurable risk-reward multiple.
• The code evaluates exit thresholds using bar closes, which may differ from intrabar stop execution.
• The document provides no backtest results or evidence of performance.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.